The MAS 610/1003 is the core balance sheet return for the MAS reporting regime. The magnitude of the return spans over 340,000 data points and across different departments such as Finance, Risk, Operations, Legal & Compliance just to name a few. It takes a significant amount of resources and effort to produce each month, requiring a remarkable amount of rigor and analysis to get correct.

The key feature of AxiomSL’s MAS610/1003 solution is that it leverages on an industry-defined Open Taxonomy which streamlines financial institutions’ (FIs) compliance efforts – better structure and automation, reducing change management resulting in quicker responses to regulatory changes. This industry-led taxonomy comprises of data relationships from over 300,000 different data points. The Open Taxonomy was defined by a group of two D-SIBs (Domestic Systemically Important Authorized Institutions), seven international banks including four G-SIBs (Global Systemically Important Banks), PwC Singapore and BR-AG.

It supports MAS validation rules as defined by MAS in the submission PDFs, as well as generation of MASNET ready XFDF submission files.

The solution can be delivered in one of two ways: either as an On-premise or Software-as-a-Service (SaaS) model. It is able to seamlessly integrate with the FIs’ operating model – encompassing all aspects of Reporting, Analysis and Controls. AxiomSL’s single strategic platform means that the same architecture can also be used for all other regulatory requirements, greatly reducing operational risks and costs as well as the complexity of compliance.